To meet the interest on the gross debt and the amount required to be raised by a tax on the capital of said debt, for the Debt Sinking Fund, will entail taxation, in round numbers, of upwards of $2,000,000. It is deemed important, under this head, to again bring to your attention the urgent necessity there is for a wise economy in conducting the several departments of our city, and the importance of not undertaking any new public work unless an exigency exists which must be met, and cannot without detriment to the welfare and interests of the city be delayed. The street improvements commenced by your predecessors will, I learn, require additional appropriations to complete them. You will, therefore, see that all new measures involving large expenditures of money should be thoroughly investigated, and their necessity be clearly shown, before you impose further burdens on our tax-paying citizens. With these brief remarks, I leave the subject of finance to your most thoughtful consideration, with a view to the most economical expenditures under the pressing demands only of the great interests of the city. ASSESSORS' DEPARTMENT. The following suggestions and facts, having reference to this department, without which all others would be comparatively useless, are submitted for your particular attention. The growth of the department may be easily inferred from the fact that, in 1854, fifteen years ago, the amount of money raised by taxation was only about $1,800,000, while in 1869, the year just passed, the amount deemed necessary to meet the expenses of the city was upwards of $7,200,000. The just and equitable apportionment of large sums like this among the taxpayers requires much skill, experience and wisdom on the part of those to whom this difficult task is assigned. As the annexation of Dorchester renders it necessary to make an alteration in the present ordinance relating to the assessment of taxes within our municipality, may it not be well to have a general and thorough revision of the whole ordinance relating to taxation? Undoubtedly the largely increased value of property has been caused by the great infusion of paper money into the currency of the country, and this has, unquestionably, been more apparent than real. Real estate, in particular, has attained a very high speculative status; and it is to be feared that too frequently its market worth has been estimated more by the extravagant spirit of the times, than according to its solid intrinsic value. Grave complaints are often made on account of the valuations based upon this; and perhaps these could be properly revised, so as to represent the true value of real estate, divested of this inflation, and more in harmony with the value placed upon this kind of property in other cities and large towns within the Commonwealth, so that an undue proportion of the State tax be not levied on the property of our citizens. No taxpayer, however, can justly complain of the valuation of his personal property, as he is annually invited and urged to furnish a schedule to the assessors; and when this is done, there cannot be any danger of an unwarranted dooming. There are many persons, well versed in the duties of levying taxes, who believe in the old system of per-diem assessors, and think that the new plan is inferior to the old, and that the local assessor is more likely to arrive at the true valuation of property than can the general board of assessors with their usual mode of doing business; and it is quite reasonable that he who daily passes over his own particular district can more intelligently and satisfactorily perform the delicate duty of appraising property than can others, however experienced in such matters, without this special advantage. |